Field of the Invention
The present invention relates generally to the field of financial systems and financial trading displays. More specifically, the invention relates to methodologies for placing, cancelling and replacing electronic trade orders being worked by various brokers at various electronic trading venues from a trader's electronic trading system.
Background of the Related Art
Since the beginning of financial markets, traders have had to account for trade orders that have been placed, executed, cancelled, etc. Until relatively recently, traders kept paper blotters that were little more than traditional accounting books. Technological advancements have led to electronic trading systems capable of performing the functions of the traditional trade blotter in a more automated fashion. Further, these electronic systems have changed the way that traders manage and execute their electronic trade orders.
For example, an order management system (OMS) is an electronic trading system that may allow traders to route electronic trade orders to electronic trading venues and subsequently monitor the electronic trade orders as they are filled (i.e., as the trade orders are worked). Additionally, there are other types of electronic systems have blotter functionality. For example, execution management systems (EMSs) have features that allow traders to place electronic trade orders at electronic trade venues and subsequently monitor the electronic trade orders as they are worked. These types of electronic trading systems often utilize the financial information exchange protocol (FIX protocol) to communicate with other electronic financial systems, including electronic trade venues.
These electronic trading systems, while providing increased functionality, provide an enhanced amount of electronic trade order information. This enhanced electronic trade order information often complicates access to the information within the electronic trading systems. For example, when monitoring electronic trade orders within an electronic trading system, traders often have to open several display windows or menus in order to access vital information. These additional complications contribute to the increased chance of user error and time delay when placing, cancelling and replacing electronic trade orders. For example, the additional complications of an electronic trading system could complicate what should be a relatively simple cancel and replace process.
Because the trading environment is ever-changing, it is important that traders be provided with the ability to quickly place and/or change electronic trade orders, e.g., to account for current market conditions. As described above, electronic trading systems often require complicated steps, such as the opening of multiple display windows and/or menus, in order to place or track electronic trade orders, or even to simply get information regarding the current parameters of a placed electronic trade order. Thus, there is a need for improved systems and methods that more efficiently allow traders to monitor, place, cancel, and replace trade orders that are being worked at various brokers/trading venues from a trader's trading display.